Board of Audit and Inspection Awards Public Officials for Seizing Virtual Assets from High-Value, Habitual Tax Delinquents

Announcement of Model and Proactive Administration Case Inspection Results... "2,416 Delinquents, 36.6 Billion KRW National Tax Collection Achievement"

[Asia Economy Reporter Ryu Jeong-min] A National Tax Service official who contributed to securing tax revenue by seizing virtual asset claims from high-amount and habitual tax delinquents has been selected as a commendation recipient by the Board of Audit and Inspection (BAI) Chairman.

The BAI announced the 'Model and Proactive Administration Case Verification and Inspection' audit report on the 2nd.

According to the BAI, Mr. A from the Tax Collection Division of the Tax Law Bureau at the National Tax Service carried out tasks such as planning in the field of delinquency tracking to strengthen tax collection from high-amount and habitual tax delinquents from January 2020 to July 2021.

The BAI explained, "Recently, the Supreme Court and various courts have ruled that virtual assets are intangible assets with property value, and in March 2020, the Act on Reporting and Using Specified Financial Transaction Information was amended to impose reporting obligations on virtual asset exchanges regarding transactions suspected of involving illegal assets."

Mr. A judged that high-amount and habitual tax delinquents were highly likely to conceal assets in virtual assets to evade compulsory collection and to transfer virtual assets overseas, and thus reviewed compulsory collection measures through virtual asset seizure.

The BAI stated, "(Mr. A) directly visited major virtual asset exchanges and, through continuous dialogue, obtained data on virtual asset holdings, then repeatedly compared and verified the names, dates of birth, and resident registration numbers of high-amount and habitual tax delinquents managed by the National Tax Service to finally confirm the subjects of delinquency disposition."

The BAI explained, "They achieved results in national tax collection by collecting or securing claims amounting to approximately 36.6 billion KRW from 2,416 delinquents," and "produced and distributed guidelines for compulsory collection of virtual assets for delinquency officers at each tax office, and conducted training to share information on compulsory collection."

The BAI selected Mr. A as a commendation recipient of the BAI Chairman for introducing the country's first method of seizing claims related to virtual assets of high-amount and habitual tax delinquents, thereby contributing to securing tax revenue.

This content was produced with the assistance of AI translation services.